Luton to be sold again??

[LTNman]

I am hearing that an interested party is looking at taking over TBI, which runs Luton, Belfast and Cardiff in the UK plus airports in the States and Europe or at least buying a controlling share in the Luton bit from TBI. Also heard that TBI has temporarily frozen all new investment in Luton including the new immigration hall and pier until things become clear.

[mysecretsmile]

I heard a similar rumour about 2 months ago - I believe interested party rumoured then was Ferrovial (Spanish outfit) that runs 14 airports around the world, most recently acquired BHD.

TBI share price has gone to the dogs, they have had a tough time of it as of late. They paid way over the odds for BFS some years back and nearly sold it, but the offer on the table was withdrawn the next day as 9/11 happened.

[LGS6753]

If TBI had received a formal offer it would have to be communicated to the City.
Nothing on that front announced to date.

TBI share price has been recovering of late, and is up by over a third this year. It's still only 2 thirds of the price offered by a French company just pre-Sept 11

[Buster the Bear]

A French word. Vinci!

[frb98mf]

Strikes me as prime take-over material - with a market cap surely quite a lot smaller than the value of assets, and in an industry that despite severe glitches (9/11, fuel crisis, SARS, strikes, airport tax, Iraq, downturn etc) still seems to make money.

I'm surprised there aren't more institutions buying airports - long-term stability of asset value, reasonably reliable returns.